U.S. Luxury Market Splits: Price Cuts Ignite Sales While Select Metros See Rapid Price Growth
- Realtor.com® data shows national luxury prices ease to $1.22 million, but localized hotspots such as North Port, Fla., surge 20% year over year
- Price corrections in markets such as Bridgeport, Conn., are successfully reigniting buyer activity
AUSTIN, Texas, Nov. 24, 2025 /PRNewswire/ -- The U.S. luxury housing market is showing two distinct personalities, according to the October Realtor.com® Housing Market Luxury Report. While the national entry point for luxury softened, falling 2.2% year-over-year to $1.22 million, a deeper dive into metro trends reveals a split between local hotbeds of intense competition and markets where price corrections are effectively re-engaging buyers and boosting sales.
The report identifies a group of metros, including Heber, Utah; Boise City, Idaho; and Minneapolis, Minn. where rising prices are coupled with a faster sales pace, signaling strong buyer competition for limited inventory. Conversely, markets such as Bridgeport, Conn; Charleston, S.C., and Atlantic City, N.J. are witnessing significant price drops that are successfully clearing inventory, leading to dramatically shorter days on the market.
"The national average for luxury pricing is overshadowing a more dynamic, city-by-city story," said Danielle Hale, chief economist at Realtor.com®. "In markets where prices are accelerating and homes are selling faster, buyers are clearly competing. But the most compelling trend this month is the effective price correction in other high-end metros. A market where prices ease and time on market drops sharply—like we see in areas of Connecticut and Charleston—is a sign that a new equilibrium is being established, which bodes well for transaction volume."
National Luxury Statistics Show a Continued Softening in the Luxury Market
The national luxury benchmark, defined by the 90th percentile of listing prices, slipped to $1.22 million in October, marking a 2.2% decline from one year ago. While most luxury tiers followed this trend, the ultra-luxury segment (99th percentile) showed signs of stabilization, rising 1.0% month over month to $5.41 million, even though it remains 3.3% lower than last year.
In terms of market speed, the overall median time on market for typical listings lengthened by five days year-over-year. However, the historical gap between luxury and typical sales times remains tighter than normal, indicating relative strength in luxury buyer demand, with the ultra-luxury tier bucking the trend entirely by selling three days faster year over year.
The High-Velocity Markets: Price Growth Meets Speed
While the national trend is a slowdown, several metros are experiencing robust, accelerating demand. North Port-Bradenton-Sarasota, Fla., led the nation as the clear price leader, surging with a nearly 20% year-over-year increase in its luxury entry point to $1.67 million, demonstrating a strong draw to Gulf Coast Florida for high-net-worth buyers. Beyond raw price growth, only three top-growth metros qualified as highly competitive hotspots, seeing both rising prices and a faster sales pace, a clear signal of intense buyer competition: Heber, Utah, experienced an 8.4% rise in luxury prices coupled with faster sales, followed by Boise City, Idaho (+3.1% YoY price, faster sales) and Minneapolis (+2.7% YoY price, faster sales).
"While North Port-Bradenton-Sarasota, Fla. saw the fastest price growth, places like Heber, Utah, Boise City, ID and Minneapolis are seeing luxury demand that is shrugging off national headwinds," said Anthony Smith, Realtor.com® senior economist. "These are the nation's true high-velocity markets right now. When prices rise year-over-year while homes are simultaneously selling faster, it means buyers are not just willing to meet the price—they are competing for limited inventory. This suggests that for many high-net-worth individuals, location-specific desirability and value are outweighing broader concerns about cost."
Fastest Price Growth Markets
Rank | Area | 10% Most | Price for top 10% | Median Days on Market |
0 | USA | $1,224,164 | -2.2 % | 4.0 % |
1 | North Port-Bradenton-Sarasota, Fla. | $1,667,143 | 19.3 % | 10.0 % |
2 | Heber, Utah | $6,500,000 | 8.4 % | -10.6 % |
3 | Tampa-St. Petersburg-Clearwater, Fla | $1,054,960 | 8.0 % | 9.8 % |
4 | Bend, Ore | $1,896,863 | 7.1 % | 17.8 % |
5 | Boise City, Idaho | $1,339,526 | 3.1 % | -14.4 % |
6 | Minneapolis-St. Paul-Bloomington, Minn - Wis. | $995,404 | 2.7 % | -10.4 % |
7 | Dallas-Fort Worth-Arlington, Texas | $990,350 | 1.9 % | 0.8 % |
8 | Atlanta-Sandy Springs-Roswell, Ga. | $933,364 | 1.8 % | 3.3 % |
9 | Key West-Key Largo, Fla. | $4,824,500 | 1.7 % | 12.7 % |
10 | Nashville-Davidson--Murfreesboro--Franklin, Tenn. | $1,592,687 | 1.2 % | 9.9 % |
The Correction Markets: Price Alignment Re-ignites Sales
In several high-end metros, price drops are proving successful in re-establishing market balance by aligning seller expectations with buyer demand. Bridgeport, Conn., saw a 7.5% luxury price decline accompanied by an immense 42.5% drop in days on market year-over-year, indicating a highly effective price correction.
Other markets following suit include Charleston, S.C., and Atlantic City, N.J., which saw luxury prices drop over 13% while sales accelerated, signaling that effective price recalibration is reigniting transaction volume in these metros. At the extreme end, Kahului–Wailuku, Hawaii, recorded the most significant year-over-year decline in its luxury threshold, falling nearly 20% to $3.79 million.
Luxury Metros with the Largest Price Declines (YoY)
Rank | Area | 10% Most | Price for top 10% | Median Days on Market |
0 | USA | $1,224,164 | -2.2 % | 4.0 % |
1 | Kahului-Wailuku, Hawaii | $3,791,000 | -19.9 % | -4.3 % |
2 | Charleston-North Charleston, S.C. | $1,994,500 | -13.1 % | -13.9 % |
3 | Atlantic City-Hammonton, N.J. | $2,324,950 | -13.0 % | -20.6 % |
4 | Austin-Round Rock-San Marcos, Texas | $1,332,650 | -11.0 % | -5.2 % |
5 | Port St. Lucie, Fla. | $1,011,473 | -9.0 % | 21.4 % |
6 | Cape Coral-Fort Myers, Fla. | $1,057,360 | -7.8 % | 3.7 % |
7 | New York-Newark-Jersey City, N.Y.-N.J. | $3,017,194 | -7.7 % | -8.9 % |
8 | Bridgeport-Stamford-Danbury, Conn. | $4,249,600 | -7.5 % | -42.5 % |
9 | Oxnard-Thousand Oaks-Ventura, Calif. | $2,999,999 | -6.5 % | 15.9 % |
10 | Los Angeles-Long Beach-Anaheim, Calif. | $3,996,297 | -6.3 % | 4.0 % |
(Among metropolitan and micropolitan areas that averaged at least 500 million-dollar listings over the 12 months through October 2025)
National Luxury Market Overview
Pricing | October 2025 | Monthly Change | YoY Change |
Luxury Threshold 90th Percentile | $1,224,164 | -1.6 % | -2.2 % |
High-End Luxury Threshold 95th Percentile | $1,954,598 | 0.1 % | -2.1 % |
Ultra Luxury Threshold 99th Percentile | $5,411,354 | 1.0 % | -3.3 % |
Million-Dollar Listing Share | 12.8 % | -0.2pp | -0.4pp |
Top 10 Luxury Markets by 90th Percentile Listing Price
Rank | Area | Metro/Micro | 10% Most | 10% Most | Average | Multiple to |
1 | Heber, Utah | Micro | $6,500,000 | 8.4 % | 928 | 4.5 |
2 | Key West-Key Largo, Fla. | Micro | $4,824,500 | 1.7 % | 718 | 3.8 |
3 | Bridgeport-Stamford-Danbury, Conn. | Metro | $4,249,600 | -7.5 % | 614 | 5.3 |
4 | Los Angeles-Long Beach-Anaheim, Calif. | Metro | $3,996,297 | -6.3 % | 9,795 | 3.6 |
5 | Kahului-Wailuku, Hawaii | Metro | $3,791,000 | -19.9 % | 677 | 3.4 |
6 | San Jose-Sunnyvale-Santa Clara, Calif. | Metro | $3,750,400 | -6.2 % | 1,095 | 2.7 |
7 | Naples-Marco Island, Fla. | Metro | $3,443,693 | -2.1 % | 1,946 | 4.9 |
8 | New York-Newark-Jersey City, N.Y.-N.J. | Metro | $3,017,194 | -7.7 % | 12,310 | 4.0 |
9 | Oxnard-Thousand Oaks-Ventura, Calif. | Metro | $2,999,999 | -6.5 % | 697 | 3.0 |
10 | San Diego-Chula Vista-Carlsbad, Calif. | Metro | $2,894,369 | -2.8 % | 2,336 | 3.1 |
(Among metropolitan and micropolitan areas that averaged at least 500 million-dollar listings over the 12 months through October 2025)
Methodology
All data in this report are sourced from Realtor.com® listing trends as of October 2025, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those posted on MLS platforms that provide listing feeds to Realtor.com®. New-construction listings are excluded unless actively listed on participating MLSs.
Luxury segmentation is based on market-specific price percentiles, with the 90th percentile representing entry-level luxury, the 95th percentile marking high-end luxury, and the 99th percentile indicating ultraluxury. All calculations are based on listing prices, not final sales prices.
Metropolitan and micropolitan areas are defined using the Office of Management and Budget's OMB-2023 delineations, with Claritas 2025 household estimates used for relative comparisons. Where appropriate, we limited analysis to metros or micros with a minimum threshold of active million-dollar listings on average over the past year to ensure meaningful comparisons. Historical listing trend data extends to July 2016, but year-over-year comparisons in this report use October 2024 as the baseline.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp (NASDAQ:NWS, NWSA]) [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Emily Do, [email protected]
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